Hillhouse Capital

Hillhouse exemplifies concentration over diversification. Zhang Lei's philosophy—'Amidst Weak Waters Take Only One Scoop'—means 2-4 investments per year maximum, each a deep-conviction position. His initial $20 million from Yale's endowment (where David Swensen mentored him) became $73 billion AUM through compounding few extraordinary outcomes: the original Tencent investment, $255 million into JD.com growing to $3.9 billion at IPO. This mirrors apex predator hunting: elephants don't chase every calorie, they select high-value targets. Crossing public and private markets provides flexibility most VCs lack—holding investments through IPO rather than distributing at arbitrary timelines.